Economic, Tech Committee Approves Tax Incentives in 8th, 14th Wards

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While the Finance Committee continued its marathon meeting, aldermen in the Economic, Capital and Technology Development Committee quickly passed two property tax incentives for food distribution businesses in the 14th and 8th Wards.

Hailing it as a welcome addition to the South Side, the committee approved a class 6(b) property tax incentive for Balton Corporation, who plan to move into the former site of a Jay’s Potato Chips facility in the 8th ward. Jay’s relocated to Indiana. Local alderman Michelle Harris (8) said using the empty space made her “doubly excited” about the relocation, and that she was excited to see 55 existing jobs and ten new ones come to the South Side. “Anything we can do to get black businesses in black communities I’m going to support it 1000%.” Chairman Howard Brookins (22) andAld. Leslie Hairston (5) both voiced support for the move.

Balton, a wholesale distributorship with food contracts with Chicago Public Schools through Aramark, and with City Colleges, plans to spend $4.6 million to renovate the building and expand operations. If the property tax break is approved by the full Council on Wednesday, the company would save an estimated $1.2 million in property taxes over the next 12 years.

Takis Royal Foods, a 43-year-old family-owned food distribution company, also received committee approval for a class 6(b) tax incentive for the acquisition and rehab of an industrial building in the 14th ward. Essie Banks with the Department of Planning and Development says the building had been vacant for approximately 5 years. The owners plan to invest $3.1 million to buy and fix up the property with new office space, HVAC systems, and new garage doors. Pending full Council approval, the applicants would save roughly $532,000 over the 12 year incentive period.